Effects of filing a consumer proposal in Thunder Bay

Income taxes owed before the date of filing the consumer proposal can be included and are almost always dischargeable, meaning you will not have to pay them.

What happens if I cannot meet the payment terms of my consumer proposal?

If you are in default with the terms of your consumer proposal, your proposal will be annulled and your creditors can resume their legal collection actions.

How would a consumer proposal affect my GST refunds and my tax refund?

Tax refunds are not affected by filing a consumer proposal and will continue to be sent to you by the government.

If I file a consumer proposal, will my wages be garnished?

No. In fact, a consumer proposal prevents your creditors from garnishing your wages and protects your income to ensure a reasonable standard of living.

If my wages were garnished by a creditor before I file my consumer proposal, will my employer be informed of my consumer proposal?

Your employer was already contacted by your creditors so they could garnish your wages. In order to stop this wage garnishment, we will have no choice but to inform your employer of your consumer proposal. To avoid this, you should consider filing a consumer proposal before one of your creditors garnishes your wages. Otherwise you will have to continue paying off your loan.

What happens when the consumer proposal is completed?

When you have fulfilled your obligations under the terms of the consumer proposal, you will receive a Certificate of Full Performance. You are then relieved of any further obligation to pay those creditors.

After completing my consumer proposal, how long will my credit score be affected?

It varies by credit agency. In general, your credit score will be affected for 3 years after you have paid the full amount promised to your creditors in your consumer proposal. You may be able to rebuild your credit earlier, though. Our experts can show you how to fix your credit.

If I file a consumer proposal, am I obliged to continue paying off my student loan?

If you finished school more than seven years ago, you will not have to pay off your student loan because it becomes a dischargeable debt upon the completion of your consumer proposal.

Our Licensed Insolvency Trustees and Proposal Administrators are familiar with Canadian consumer proposal and bankruptcy law.

Discuss your options with us:

Call us in Winnipeg at 204-944-0100 or toll free in Manitoba at 1-866-941-6353 for a free, no obligation, confidential consultation.

Talk to us about your options:

If you are considering a consumer proposal in Thunder Bay or Northwestern Ontario, you should speak to one of our professionals at Grant Thornton at 310-8888 for a free, no obligation, confidential consultation.